Group Five is currently implementing a business rescue plan that doesn't include a new CEO.
On Tuesday, 8 October, Group Five announced the resignation of its interim CEO Thabo Kgogo with effect from 30 October to “pursue an alternative career opportunity”.
The board and business rescue practitioners thanked Kgogo for his “invaluable contribution” since his appointment in July 2017 as a non-executive director and for “agreeing to assist the group” as an interim CEO since 1 February 2019.
Kgogo agreed to join the group after the unexplained resignation of Themba Mosai as CEO at the end of January 2019.
Read more: Group Five CEO Themba Mosai resigns
Group Five entered into business rescue in March 2019 following financial losses. In September, Group Five’s creditors voted in favour of a business rescue plan over liquidation.
In the same statement announcing Kgogo’s resignation, the construction and engineering company said that the business rescue practitioners are in the process of implementing the business rescue plan and do not “at this time foresee the appointment of a replacement CEO”.